Morning Report


The pair managed to settle above 0.8645 with daily closing to increase the possibilities of resuming trading among the main ascending channel shown on image. Stochastic is clearly positive, what we only need now is a breach of the minor resistance at 0.8725 to open the door toward more intraday bullishness targeting 0.8845 and 0.8925. Stability above 0.8680-0.8645 is necessary to assure the expected scenario will not be delayed.

The expected trading range for the day is among the key support at 0.8585 and the key resistance at 0.8925.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

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RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 0.8725 targeting 0.8845 and 0.8925. Stop loss below 0.8645 may be appropriate.